FCA Report on Payment for Order Flow

On April 23, the Financial Conduct Authority (FCA) has published a final report on its recent supervisory work on conflicts of interest and payment for order flow (PFOF) on how

Updates from the Financial Conduct Authority

In case you have missed the latest news from the Financial Conduct Authority (FCA), below is a summary of selected events. Enforcement Actions – Speech by Mark Steward On 4 April,

The Future of Financial Conduct Regulation

On 23 April, Andrew Bailey, Chief Executive of the FCA, gave a speech on the future of financial conduct regulation. Mr Bailey considered in particular the impact of Brexit on financial

EU Parliament Approves New EU-Wide Rules to Protect Whistleblowers

    On 17 April, the European Parliament has reported it had approved new rules for protecting whistleblowers. Whistleblowers have played a key role in recent years in shedding light

FCA’s Second Largest Fine for Anti Money Laundering Failings

The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (SCB)£102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of itsbusiness, its UK correspondent banking business, and its

FCA Introduces Permanent Ban on Binary Options to Retail Consumers

The Financial Conduct Authority has confirmed a permanent ban on the sale of binary options (Binaries) to retail consumers. All firms acting in or from the UK are permanently prohibited

Goldman Sachs Fined £34.3 million for Transaction Reporting Failures

Goldman Sachs International (GSI) has been fined by the Financial Conduct Authority (FCA) for violating transaction reporting rules (SUP 15 and 17 of the FCA Handbook) in relation to over

OECD Report on Implementation of the Anti-Bribery Convention

On 20 March the Organisation for Economic Co-operation and Development (OECD) published the UK’s Phase 4 Follow-up Report, in relation to the progress made by the UK on implementing the

Agree to disagree: FCA versus Lewis Alexander Limited

On 19 February 2019, the Upper Tribunal (the Tribunal) published its decision in LewisAlexander Limited (LAL) vs the Financial Conduct Authority (FCA). In this case LAL, a debt management firm,

Communication Rules for Payment Services and E-Money Sectors

The FCA published a Policy Statement (PS 19/3) extending certain rules and guidance to thepayment services and e-money sectors. This Policy Statement follows an August 2018Consultation Paper (CP 18/21) to

FCA Ordered to Pay Compensation to Banned Chief Executive

The Financial Conduct Authority (FCA) has been directed to pay a proportion of the costsincurred by an individual following a 26 January 2019 decision from the Upper Tribunal (theTribunal) in

ESMA’s Notice on the Product Intervention Renewal Decision

On 23 October 2018, the European Securities and Markets Authority (ESMA) adopted a Decision to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients.

ESMA Report on Initial Coin Offerings and Crypto-Assets

On 19 October, the European Securities and Markets Authority (ESMA) published its own internally commissioned report on initial coin offerings (ICOs) and crypto-assets (used to collectively herein to refer to

SMCR – FCA Proposed Guidance on Statements of Responsibilities

The FCA has published a Guidance Consultation (GC 18/4) to provide practical assistance and information to firms in preparation for the extension of the Senior Managers and Certification Regime (SMCR).

FCA Published 2 consultation papers with proposed changes

The FCA has published 2 consultation papers with proposed changes to the Handbook and Binding Technical Standards (BTS) (CP 18/28) and separately on the Temporary Permissions (TP) regime for inbound

FCA Review on ML & Terrorist Financing in the E-Money Sector

The FCA published a Thematic Review (TR18/3) today detailing its findings of visits to 13 Electronic Money Institutions (EMIs) to assess their anti-money laundering (AML) and counter-terrorist financing (CTF) control

ESMA to Extends Restrictions on Retail CFDs

The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since

Treasury Committee Report Supports Regulation of Crypto-Assets

The House of Commons Treasury Committee has published a report following an inquiry into crypto-assets launched last February, whose remit was to examine the role of digital currencies in the UK;

FCA Statement Following ESMA’s Action on CFDs

The Financial Conduct Authority (FCA) has published a statement addressing their concern that firms may consider ways to circumvent the restrictions imposed by the European Securities and Markets Authority (ESMA)

FCA Is Seeking Input on PRIIPs Legislation

On 26 July 2018 the Financial Conduct Authority (FCA) published a Call for Input for firms and consumers about their initial experiences of the requirements introduced by the Packaged Retail

FCA Reveals Urban-Rural Differences in How Consumers Experience FS

The Financial Conduct Authority (FCA) has today published the latest analysis from its Financial Lives Survey 2017 on the financial situation of people across the United Kingdom and highlights where

“Dear CEO” Letter to Banks on Crypto-Asset Clients and Financial Crime

The Financial Conduct Authority (FCA) has published a letter to the CEOs of UK banks suggesting good practice for handling the financial crime risks posed by crypto-assets – any publicly

FCA Fines and Imposes a Restriction on Canara Bank for AML Failings

The Financial Conduct Authority (FCA) has issued a Final Notice in respect of failings of Canara Bank, one of the largest public sector banks owned by the Government of India.

ICO Consults on Increased Powers under Data Protection Reform

The Information Commissioner’s Office (ICO) has launched a consultation to gather views on the way it plans to exercise new regulatory powers to support carry out fast-moving, detailed investigations in

ESMA Publishes Q&As: Temporary Product Intervention Measures

The European Securities and Markets Authority (ESMA) has published its Q&As on the temporary product intervention measures adopted on the marketing, distribution, and sale of CFDs and binary options to

ESMA Adopts Final Product Intervention Measures on CFDs

The European Securities and Markets Authority (ESMA) has formally adopted a range of product intervention measure on the provision of contracts for difference (CFDs), including rolling spot forex and financial

Data Protection Changes: email fatigue

By 25 May 2018, many of us will already be fatigued by the barrage of emails arriving into our email inboxes regarding the General Data Protection Regulation (GDPR). Companies are

European Parliament Adopts Fifth Anti-Money Laundering Directive

  On 19 April 2018, the European Parliament adopted the Fifth Anti-Money Laundering Directive (MLD5). In its press release, the European Commission welcome the new measures and states that “

FCA Statement on Cryptocurrency Derivatives Firms

The Financial Conduct Authority (FCA) has issued a statement for those firms that offer services linked to cryptocurrency derivatives, to remind that they must comply with all relevant rules in

FCA Consultation on the Financial Crime Guide for Firms

On 27 of March 2018, the FCA has published a guidance consultation (GC 18/1) on amending its Financial Crime guide for firms. The guidance, which is not binding on firms,